Does anyone have any “gotchas” they can share?
The basics: I’m using my VA loan which has an interest rate of 6.5%. Looking to spend about $400k in Northern Virginia (Manassas area). I’d like to exchange thoughts and learn from others experiences buying homes within the past six months.
A couple of things I’ve noticed:
- as soon as I put my information on-line, I had a HUGE amount of e-mails and phone calls (an easy 50) within HOURS from mortgage brokers and I did this on Sunday morning.
What does this mean? Are they getting desperate?
- Looking on RE sites… I see things like:
Manassas, VA average asking price: $405k, average sale price: $350k
Does this mean what it looks to mean? People aren’t selling at $405k and are taking offers $50k lower just to sell the place?
- What is the truth about foreclosures? I’ve heard that oftentimes prior owners destroy the interior of their homes (either with purpose or through neglect), and they’re usually expensive the first few years with repairs and improvements. Is this really a viable route?